Eurocastle Provides an Update on the Legacy German Tax Matter
07 November 2023 - 6:00PM
Eurocastle Provides an Update on the Legacy German Tax Matter
EUROCASTLE INVESTMENT LIMITED
Contact: Oak Fund Services (Guernsey)
LimitedCompany AdministratorAttn: Hannah CrockerTel: +44 1481
723450
Eurocastle Provides an Update on the
Legacy German Tax Matter
Guernsey, 7 November 2023 – Eurocastle
Investment Limited (Euronext Amsterdam: ECT) (“Eurocastle” or the
“Company”) today announces that it has received the final audit
report from the German tax authorities for the period 2008 to 2012
following an appeal by the Company against additional tax assessed
in relation to a German property subsidiary.
Prior to the appeal, the Company estimated its
total exposure to the tax matter, which relates to the period 2008
– 2015, at up to €6.5 million. To date, the Company has paid €4.8
million in respect of 2008 – 2012, while the years 2013 – 2015
remain subject to ongoing tax audits. After filing an appeal with
the German tax authorities, the Company received a partial
reimbursement in July 2023 and now estimates its total maximum
potential liability to be €5.6 million.
Eurocastle has paid all additional tax assessed to date to avoid
interest charges and reserved for the estimated additional
potential liability in respect of the 2013-2015 audit.
However, the Company continues to believe that none of the
additional tax assessed or reserved for is due. While it plans to
continue to hold reserves until the matter is finally resolved,
Eurocastle intends to pursue all available legal means to appeal
the findings of the German tax authorities and to be reimbursed
(with accrued interest) all amounts paid in connection with these
tax audits.
ABOUT EUROCASTLE
Eurocastle Investment Limited (“Eurocastle” or
the “Company”) is a publicly traded closed-ended investment
company. On 18 November 2019, the Company announced a plan to
realise the majority of its assets with the aim of accelerating the
return of value to shareholders. On 8 July 2022, the Company
announced the relaunch of its investment activity and is currently
in the early stages of pursuing its new strategy by initially
focusing on opportunistic real estate in Greece with a plan to
expand across Southern Europe. For more information regarding
Eurocastle Investment Limited and to be added to our email
distribution list, please visit www.eurocastleinv.com.
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